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FedFirst Financial Corporation Announces Record Year-to-Date 2012 Results

FedFirst Financial Corporation (NASDAQ Capital: FFCO; the “Company”), the parent company of First Federal Savings Bank (the “Bank”), today announced net income of $556,000 for the three months ended December 31, 2012 compared to $55,000 for the three months ended December 31, 2011, an increase of $501,000. Basic and diluted earnings per share were $0.20 for the three months ended December 31, 2012 compared to $0.02 for the three months ended December 31, 2011, an increase of $0.18 per share. The Company reported net income of $2.3 million for the year ended December 31, 2012 compared to $859,000 for the year ended December 31, 2011, an increase of $1.4 million. Basic earnings per share was $0.81 and diluted earnings per share was $0.80 for the year ended December 31, 2012 compared to basic and diluted earnings per share of $0.30 for the year ended December 31, 2011, an increase of $0.51 and $0.50 per share, respectively.

“We are extremely excited to announce these results to our stockholders,” said Patrick G. O'Brien, President and CEO. “The record earnings that we are reporting this year are built on the foundation that we laid last year to improve our expense structure and position us for future growth. Also contributing to our success this year were our ability to maintain our net interest margin in the face of a very challenging interest rate environment, reduced credit costs, which reflect improved stability in our local markets, and growth in non-interest income accomplished without reliance on gains on sales of securities. Our shareholders benefited from the operational success that we had this year through an increase in our quarterly dividend, the payment of a special dividend at last year’s lower tax rates, and the successful completion of the repurchase of over 10% of our outstanding shares.”

Fourth Quarter Results

Net interest income for the three months ended December 31, 2012 decreased $83,000, or 3.1%, to $2.6 million compared to $2.7 million for the three months ended December 31, 2011. Paydowns and payoffs of higher yielding loans and securities resulted in a $443,000 decline in interest income. This was partially offset by a $232,000 decrease in deposits expense due to interest rate reductions on deposits and a $128,000 decrease in borrowings expense due to payoffs of higher cost borrowings that were replaced with short-term, lower-cost borrowings.

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